EquityPandit’s Outlook for ICICI Bank for the week  (Oct 08, 2018 – Oct 12, 2018) : 

ICICI BANK:

ICICI Bank closed the week on absolutely flat note.

As we have mentioned last week, that resistance for the stock lies in the zone of 315 to 320 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 335 to 340 where the stock has formed a double top in the month of August-2018. During the week the stock manages to hit a high of 322 and close the week around the levels of 307.

Support for the stock lies in the zone of 303 to 305 from where the stock broke out of June-2018 high and long & medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 285 to 290 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 315 to 320 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 335 to 340 where the stock has formed a double top in the month of August-2018.

Broad range for the stock in the coming week can be 285 – 290 on lower side & 320 – 325 on upper side.